By Charles Forelle

Jan. 21, 2016 4:30 a.m. ET

DAVOS, Switzerland—Six large institutional investors said they would allocate $2 billion to track a newly created index of shares of companies that focus on long-term strategies.

The S&P Long-Term Value Creation Global Index comprises 246 companies that meet criteria for return-on-equity, leverage and other financial factors, as well as a score for corporate governance.

“We are trying to use the index to change corporate behavior,” said Mark Wiseman, chief executive of the Canada Pension Plan Investment Board, in an interview at the World Economic Forum here. Mr. Wiseman said financial markets are too focused on short-term results.

Mr. Wiseman said CPPIB would invest slightly under $1 billion in the companies in the index. The five other institutions participating in the index’s launch are Singapore fund GIC, Danish pension plan ATP, Dutch pension plan PGGM, the New Zealand Superannuation Fund and the Ontario Teachers’ Pension Plan.

He said he hoped retail products would also be developed so that individual investors can track the index. CPPIB, which manages C$273 billion ($188.23 billion), will move funds from its passive stock-market investments to the new index.

Mr. Wiseman also said CPPIB has been “extremely busy” amid the market turmoil of the past several weeks, saying battered asset prices are providing opportunities.

“Up until the last year, it was very hard to find value in the market,” he said.

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